Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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lacked sufficient knowledge of the client’s business or industry is evident in several scenarios. First‚ Gray did not perform an analysis of the industry. Paragraph five of AS No.9 states that “planning the audit includes establishing the overall audit strategy for the engagement and developing an audit plan‚ which includes‚ in particular‚ planned risk assessment procedures and planned responses to the risks of material misstatement.” Planned risk assessment procedures include performing analytical procedures
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Accounting Education: an international journal Vol. 20‚ No. 2‚ 203– 222‚ April 2011 Adding Value to Audit Education through ‘Living’ Cases JULIE DRAKE University of Huddersfield‚ UK Received: November 2009 Revised: July 2010 Accepted: September 2010 ABSTRACT This paper seeks to address the perceived failure of university teaching to foster critical understanding of audit practice and to identify a potential remedy. It contributes to the debate (Maltby‚ 2001‚ “Second thoughts about ‘Cases in
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How To Recover Deleted/Lost Data From Kingston Technology Flash Card There is a vast change in using the technologies nowadays. In current times people are much focused in using the external or removal USB drives or memory cards to store their data‚ pictures and music or video files. People nowadays do not use the printed copies to store their vital and significant documents rather they prefer to use the memory cards to create backups. But there comes an instance of protecting these valuable pieces
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theft. D. Expected effectiveness of controls. 13. The risk that an auditor’s procedures will lead to the conclusion that a material misstatement does not exist in an account balance when‚ in fact‚ such misstatement does exist is referred to as A. Audit risk B. Inherent risk C. Control risk D. Detection risk 14. Evidential matter concerning proper segregation of duties ordinarily is best obtained by A. Preparation of a flowchart of duties performed by available personnel. B. Inquiring whether
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Corning Inc.: Technology Strategy in 2003 Summary Corning Inc. got its start in the mid 19th century as a top producer of glass. Early on in the history of the company they had been able to achieve much success through their ability to innovate and come up with new and better uses for glass. Other companies whose products relied on innovation‚ like Thomas Edison and the railroad industry‚ used Corning as their go to supplier for high end glass products. Through a continued commitment to research
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Snow1 – only 2 layers Script/code Insert the code under first layer‚ first frame: for (k=0; k<50; k++) { duplicateMovieClip(_root.snow‚ "snow"+k‚ k); } Script for object: onClipEvent (load) { //specifies the size of the movie stage movieWidth = 300; movieHeight = 200; //variables that will modify the falling snow i = 1+Math.random()*2; k = -Math.PI+Math.random()*Math.PI; //giving each snowflake unique characteristics this._xscale = this._yscale=50+Math.random()*100;
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Flash Memory Strategy Paper Hathaway Browne‚ CFO of Flash Memory‚ Inc.‚ needs to plan on financing existing product lines and new investments that are approved by the board. Recently‚ a new investment opportunity has been introduced: the development of a new product line. Browne is contemplating if this proposal should be accepted by Flash and if it is‚ how it should be financed. This product is anticipating having a substantial effect on sales‚ profits‚ and cash flows. The forecast of this
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CASE FAIRCHILD WATER TECHNOLOGIES‚ INC. 1. The difference between a developing and a developed country are typically based on economics. A developing country usually has a low level of affluent citizens‚ and higher levels of unemployment. Developing countries also have lower education rates‚ and often times undeveloped‚ rural type villages. Developed countries usually have technological advantages‚ better roads‚ stable governments‚ higher education rates‚ and good health care. 2. By performing
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